Compound Semiconductor Market Will Reach USD 61,911 Million by 2030

The total value of the compound semiconductor market was USD 38,552 million in 2022, and it will rise at a growth rate of above 6.10% shortly, reaching USD 61,911 million by 2030, according to P&S Intelligence.

The development can be mainly credited to the increasing demand for SiC devices in power electronics. Moreover, the growing need for consumer electronics boosts the sale of semiconductors throughout the globe. As per the Semiconductor Industry Association, semiconductor sales stood at USD 152.5 billion in quarter two of 2022, which was a surge of 13.3% from 2021.

In 2022, the GaN category held the largest compound semiconductor market share, of above 30%, and the category is projected to remain dominant in the future as well. GaN upholds a low conduction resistance and high breakdown voltage, which enable them for high-speed switching and the reduction of equipment. Furthermore, GaN devices can effortlessly aid high electron mobility and densities due to their small size.

In 2022, the telecommunications category held the largest revenue share, at 44%, and it is projected to be in the top spot throughout the projection period. The growing utilization of GaN, GaAs, SiGe, and InP compound semiconductors in phones and other wireless communication channels is driving the growth of the market.

This is mainly because of the rising requirement for 5G connectivity, which will renovate the wireless communication industry. The need for better bandwidths is growing due to the thriving mobile data utilization, which creates superior stress on networks for the obtainability of the wireless spectrum. Mobile data circulation is projected to touch 160 Exabytes each month by 2025.

Web-combined wireless healthcare devices, wearables, and the three-dimensional printing of human organs and medicinal devices, which rely on semiconductors, will guarantee innovative and new methods of delivering healthcare in the future.

Likewise, auto manufacturers need energy diodes and voltage regulators of brilliant dependability for several vehicle components. ICs with diverse functionalities are utilized in several automotive systems, like collision detection, navigation control, and infotainment systems. Hence, a progressive, connected, and autonomous vehicle can have above 3,000 chips.

In 2022, North America dominated the compound semiconductor market with an industry share of above 22%, and the region is projected to be in the top spot in the future as well. The need for such instruments is largely increasing in the U.S. and Canada mainly because of the government measures to advance communications infrastructure and military abilities.

Hence, the increasing demand for SiC devices in power electronics. Moreover, the growing need for consumer electronics boosts the sale of semiconductors throughout the globe.

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North America Is Dominating Rapid Test Kit Industry

In 2022, the rapid test kit market was worth around USD 23,043.3 million, and it is projected to advance at a 9.1% CAGR from 2022 to 2030, hitting USD 46,139.9 million in 2030, according to P&S Intelligence.

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Rapid tests are utilized for initial screening, and for the initial analysis of illnesses. Because of their dependability and quick results, they have extensive applications.

Furthermore, credited to their lucrative and easy-use nature, the diagnoses can be completed with ease of one’s home, which is another factor they are gaining more and more traction in the industry. The increasing infectious disease occurrence, surge in the importance of knowledge of early diagnoses, and growing elderly populace positively impacted the demand for such tests.

The outburst of the novel coronavirus resulted in the sudden and massive development of the industry, because of the growth in the need for quick diagnostic solutions, to eventually stop the serious, life-intimidating difficulties of the virus.

The terror of infectious infection results in individuals accepting such quick point-of-care diagnostic kits to identify the virus early stage, from the ease of their houses. The orders for the accessibility of such kits by governments at several public and private hospitals also boosted the growth of the market.

The increasing frequency of foodborne illnesses leads to a surge in the utilization of rapid diagnostic kits to classify the existence of contaminants, through the testing of a food sample, to avoid difficulties.

Benefits like, specificity, high sensitivity, fast results the capability to spot viruses existing to a low extent, and the removal of the restrictions of orthodox testing approaches make enhanced rapid tests more popular, thus fuelling the market growth. Furthermore, such diagnostic tests are enabled to remove human mistakes, save time and reduce labor.

In 2022, the hospitals and clinics category held the largest rapid test kit market share, of around 50%, on the basis of end users. This can be credited to the surging occurrence of the novel coronavirus infection caused a high hospitalization rate. This multitudes the number of partnerships between the main industry players and several steps by governments worldwide to guarantee the accessibility of test kits for the initial diagnosis of COVID-19, to avoid further damages.

North America had the largest market share, of approximately 45%, in 2022. This can be credited to the existence of deep-rooted medicinal companies in the continent, strong healthcare infrastructure, and high knowledge among the people regarding maintaining well-being.

Hence, with the help of these kits, the diagnoses can be completed with ease of one’s home and also the increasing infectious disease occurrence, the surge in the importance of knowledge of early diagnoses, and the growing elderly populace are major factors driving the rapid test kit market.

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Stoma Care Industry Boom Credited to Rising Elderly Population

As stated by a market research firm, P&S Intelligence, the size of the stoma care market was USD 2,732.1 million in 2022, and it will grow at a rate of 4.5% in the years to come, to reach USD 3,882.1 million by 2030.

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The increasing occurrence of numerous inflammatory bowel conditions, such as diverticular disease, Crohn’s disease or ulcerative colitis, fecal incontinence, and colorectal and intestinal cancer, accompanied by the increasing healthcare spending, and the advent of novel products for stoma care are driving the growth of the industry.

Ostomy bags will grow at a rate of 6% in the near future. This has a lot to do with the escalation of temporary along with permanent stoma surgeries amongst people suffering from IBDs and large and small intestine cancers, and tech advancements in this type of bag, required for stoma surgeries.

Furthermore, continuous improvements made in existing products according to the necessity of patients by key players and the initiation of effective and apt pouching systems and associated accessories serving to improve the quality of life of ostomy patients will drive the industry. 

The colostomy surgery is dominating the stoma care market. This is chiefly because of the increasing frequency of colon cancer and the snowballing colostomy procedures taking place.

Furthermore, the obtainability of numerous kinds of colostomy bags, for example closed system or drainable bags, is the leader of the market.

Hospitals and specialty clinics were the major users. This is because of the fact that a large patient volume prefers hospitals and specialty clinics when suffering from any pain or inflammatory ailments and the upgradation of healthcare infra by government and private players. 

Moreover, the increasing count of facilities, the rising acceptance of cutting-edge technologies by large and small specialty clinics and hospitals, and the growing launches of advanced techs are fueling the growth of the market.

Europe had the largest revenue share, of about 40%, and it will maintain the position in the years to come. 

This has a lot to do with the increasing incidence of inflammatory bowel diseases, strong healthcare infra, the existence of foremost industry players and compensation policies for stoma care surgeries by private insurance companies, and the increasing government spending. 

Furthermore, Germany holds major revenue in Europe. This is because of the increasing requirement for ostomy pouches, fixtures, and services at a high speed. Also, the increasing disposable income is creating a high requirement for stoma surgeries.

It is due to the fact that, there is an increasing count of elderly population all over the world, the demand for the stoma care treatment will continue to increase in the near future.

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Growing Molecular Quality Controls Market Customer Base at Accredited Clinical Laboratories

The total size of the molecular quality controls market was $191.2 million in 2022, which will reach $313.7 million by 2030, propelling at a rate of 6.4% in the years to come, as per a statement by P&S Intelligence.

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The independent controls category had the largest share of about 40% in 2022. This is due to the fact that they are produced independently of calibrators, instruments, and reagents, and tests have the supreme sensitivity rate as a result of their tremendously precise, unbiased, and independent valuation of a testing system's or technique's performance.

The single-analyte controls category had a share of over 60%, in 2022, and it will maintain the same in the years to come. This is for the reason that hospitals often use singleplex assays; and with the use of single-analyte, they have benefits for example, easy investigation and understanding and decreased chance of cross-responsiveness, amongst others.

Multi-analyte will witness stable growth rate, about 7%, in the years to come. This can be owing to the progressions in tech and the expansion of new multi-analyte and multi-instrument controls. Clinical labs can save money by the use of these state-of-the-art devices, which integrate frequent instrument-specific controls into a single instrument. 

Additionally, by doing away with the necessity for separate quality control actions for each analyte, these controls are responsible for less time consumption. The diagnostic labs dominated the molecular quality controls market, about 35%, in 2022. 

This is due to the fact that the existence of numerous accredited labs in dissimilar regions, which concentrates in services with the use of molecular technology; QC procedures are employed more frequently; regulatory actions are happening more regularly; molecular diagnostics are becoming more expensive; and Alzheimer, diabetes, and cancer cases are increasing, leading to the opening up of numerous labs every year.

North America dominated the industry with about 45%, in 2022. This is because of the high incorporation of leading-edge infra, the enhanced quantity of diagnostic facilities, and the improved count of authorized clinical labs in the region. 

Furthermore, the cutting-edge medical facilities in Canada and the U.S., the existence of top manufacturers, and easy access to improved products and techs drive the regional market. In North America, the U.S. has a higher revenue due to large patient population.

Europe follows North America. This is chiefly credited to the snowballing cancer research and related biomarkers and the increasing cancer cases. A study has claimed that there will be a boom in cancer prevalence in Europe, because of the increasing elderly population, as they are prone to long-lasting ailments.

It is because of the increasing count of accredited clinical labs, the demand for molecular quality control will be on the rise in the years to come. 

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North American Will Dominate the Data Center Market

 The total value of the data center market was USD 263.34 billion in 2022, and it will rise at a growth rate of above 10.9% in the near future, to reach USD 602.76 billion by 2030, according to P&S Intelligence.

The major reasons behind the growth of this industry are exponential increase in data. Thus, the requirement for these data centers is surging because of the growing need for mobile, analytics, cloud and cloud services globally. In recent years the due to the extensive growth of social media channels, the need to new data centers has immerged to store gathered information.

IT sector generated highest revenue for data centers industry, as it comprises storage, network and server infrastructure, which indeed is the backbone of these services. It is also projected to continue its dominance in coming years. these days, companies are leaning more toward well-equipped centers to allow improved data management as data analysis has become very essential for business growth. Such reasons will contribute in the growth of this category in coming years.

The IT and telecom industry is projected to dominate the market in years to come. Due to the wide acceptance of enhanced technologies, like cloud computing, the internet of things and artificial intelligence vast amount of data is being produced. This data comes from personnel records, server logs, network equipment, mobile internet usage, billing activities, and social channels. 

To meet this huge demand of storing massive data businesses operating in the IT and telecom industry are renting third-party spaces. such methods facilitate IT and telecom businesses to manage and store huge amount of data and increase their storage size as per needed.

The massive rise in the data generation is one of the biggest reasons behind the growth of data center industry. Over 64 zettabytes of data were generated in 2020. And experts are projecting that by 2025 around 10 times more data will be created in compare to 2017. Over 2.5 quintillion data is created on daily basis.  

North America is dominating the market and it will hold the same position throughout the forecast period, with a value of USD 191.80 billion.

Moreover, North American spends a generous amount in the R&D, which leads to the formation of advanced data centers that are more technologically enhanced and efficient in order to managing information. North America also has highly extensive advanced, and well-organized technological structure.

Hence, the booming IT sector and extensive growth of social media platforms will derive the data center market in the coming years.

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Real World Evidence Solutions Market Is Dominated by Service Category

As per a report by P&S Intelligence, the real-world evidence solutions market generated revenue of USD 1,560 million in 2022, and it will witness a compound annual growth rate of 12.40%, to reach USD 3,974 million by 2030.

The growth of the industry is due to the increasing number of clinical trials, rising research and development activities for medical devices and drugs, and shifting focus from volume-based to value-based healthcare. 

Furthermore, RWE and RWD are used to advance protocol designs, with the aim of decreasing the number of expensive protocol revisions. These solutions can also be used in creating synthetic control arms, which will fasten trial execution and decrease the overall cost.  

Additionally, the rapid advancement in volume, generation speed, and variety of data and the necessity for quick insights are increasing the demand for the right technologies for RWE program implementation. Hence, numerous life science companies are implementing cloud technologies due to the speed, scalability, flexibility, and safety they offer.

In 2022, the services category dominated the real-world evidence solutions market with a more than 56% share, and it will remain dominant throughout this decade. This is credited to the growing need for decrease in the delays in drug development and the availability of more healthcare information that needs to be analyzed.

The data sets category is expected to grow at a significant rate in the near future. This is mainly because of the growing attention to gain more insights into epidemiology and the increasing amount of information generated in the healthcare sector.

The pharmaceutical and medical device companies category will grow at the highest CAGR, of 12.9%, in the years to come. This can be attributed to the need for the elimination of the costly drug recalls and drug performance evaluation in real-world settings and the increasing importance of real-world evidence (RWE) analyses in drug support. 

Additionally, the pharmaceutical sector is increasingly using real-world evidence to meet the governing compliance necessities, along with the payer requirements related to health economics and outcomes research (HEOR). 

The APAC industry will grow at the highest CAGR, of approximately 14%, in the near future. The growth is mainly credited to the increasing incidence of chronic diseases, rising demand for advanced healthcare services, existence of various contract research organizations, growing number of clinical trials, strong support of governments for the adoption of RWE studies, and increasing elderly population. 

It is because of the increasing research and development expenditure, rising demand for clinical and preclinical services during the drug development process, and increasing incidence of chronic diseases that the real-world evidence solution demand will considerably grow in the coming years.

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Dedicated Outdoor Air System Market Is Driven by Commercial Category

The dedicated outdoor air system market was USD 3,849 million in 2022, and it is projected to reach USD 7,447 million by 2030, at a rate of 8.60% during the forecast period as per a report by P&S Intelligence. 

This growth of the industry is credited to the growing acceptance of these systems in commercial and residential applications, the growing attention to ideal environment, and the mounting HVAC equipment regulations by the government.

A dedicated outdoor air system is a part of the HVAC system and its main objective is to supply sufficient outdoor air. It also separates the exterior air from the interior air which regulates inside temperatures of the buildings. 

Numerous laws are implemented to control HVAC equipment and increase energy efficiency. The implementation of HVAC standards has resulted in the growth of dedicated outdoor air system market.  

The industry, based on capacity is categorized into greater than 60 tons, 40–60 tons, 20–40 tons, and less than 20 tons. The highest growth rate is projected in the 40–60 tons category, propelling at a rate of 9.1%, during the forecast period. With a multizone capacity and extra features, the 40–60 tons capacity offer 100% exterior air proficiency and energy efficiency.   

The industry, based on implementation is categorized into retrofit and new construction. Among these, the largest share of, more than 60% was held by the new construction category. This is credited to the growing investment in the commercial sector by major developing countries. 

On the other hand, the fastest growth is projected in the retrofit category. 

The industry is dominated by the commercial category. This is credited to the use of air-controlling systems to cool and heat indoor air in commercial areas. These systems improve the quality of air in commercial buildings. 

On the other hand, the highest growth rate of approximately 9%, is projected in the residential category. This can be credited to the rising disposable income around the world. 

North America held a significant share in 2022. This is because of the existence of various developed businesses, commercial spaces, and medical facilities, where the requirement for dedicated outdoor air systems is high; the massive demand from residential sectors; and the presence of key players, in the region.

Whereas, APAC will have the highest CAGR, of 9.5%, during the forecast period. This can be credited to the rising population, changing climatic conditions, growing construction activities, and friendly government policies. 

Furthermore, the needs for these systems are high in the commercial and residential sectors, with significant demand in Japan and China.   

Due to the rising awareness about the importance of indoor air quality, and the growing adoption of these devices from commercial and residential sectors, the industry will grow significantly in the coming years.

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